The system has been running for two years and currently has over 5,000 registered intermediaries who have completed £1.6 billion worth of business.
Commenting on the announcement, Tim Sturley, head of business development at Mortgage Express, said: “This demonstrates how important online services are to brokers. In an increasingly competitive environment, brokers are looking for fast, hassle-free processes that let them focus on selling.”
He went on to say that Mortgage Express would be announcing further enhancements to its system, in order to ease the pressure on brokers.
The FSA welcomed the news that more brokers were using online technology. Spokeswoman, Kate Bristowe, said: “I think this is good news for the industry and good news for consumers.”
Matt Grayson, public relations manager at BM Solutions agreed that technology was becoming increasingly key for brokers. He said: “We now do 80 per cent of our business online. If brokers can get a quick decision-in-principle it stops business walking out the door and going to a high-street lender.”
However Phil Heaton-Jones, product manager at software provider Marlborough Stirling, warned that intermediaries would have to make even more use of technology if they wanted to remain profitable in the post-regulatory environment. He said: “Brokers will need to find ways to free time from administrative duties so they can spend more time with clients. While the figures from Mortgages Express show intermediaries are getting comfortable with technology, I believe they will need to get a lot more comfortable with it.”
